Corco's 3Q Data Reassuring
If it’s felt like the real estate market’s been doing better recently, that’s because it has, judging by the numbers in Corcoran’s Third Quarter Market Report. (And Elliman’s too.) Here’s how the brokerage’s scribes summed it up: Brooklyn residential real estate prices remained stable from a year ago but improved from last quarter. The median…
If it’s felt like the real estate market’s been doing better recently, that’s because it has, judging by the numbers in Corcoran’s Third Quarter Market Report. (And Elliman’s too.) Here’s how the brokerage’s scribes summed it up:
Brooklyn residential real estate prices remained stable from a year ago but improved from last quarter. The median price of a Brooklyn apartment during Third Quarter 2010 was $472,000 and an average $564 per square foot, an increase of 12% and 3%, respectively, over Second Quarter 2010. Resale transactions gained back market share this quarter that they had lost to the new development sector. Resale price metrics increased from last quarter and were relatively even from a year ago. New development sales accounted for 32% of all apartment transactions this quarter, on par with a year ago but down from 37% in Second Quarter 2010. Single-family townhouse median price declined 44% from last quarter and 53% from Third Quarter 2009. Multi-family townhouses, however, held even with a year ago but increased 26% from Second Quarter 2010.
Odd discrepancy between single- and multi-family townhouses. Must be a sample-size issue…
are you certain that these figures only include Corcoran sales? I thought it was all REBNY sales. Please find a reference that only Corcoran.
if anyone wants to know what is REALLY happening at street level call me.
Maly, I think these numbers do tell us one thing:
The crash never really came to Brownstone Brooklyn.
A blip (down about 15-20% right after Lehman fell) and then things have held rather steady since with some prices increases seen in the Prime neighborhoods. Who knows what’s in store for the future, but that’s my take to far.
These reports are completely useless at measuring anything but what Corcoran sold in the last quarter. You can’t really extrapolate to the market, except maybe if you look at the median psf, and even then, the data is too narrow to be truly reflective of the market.
Ringo, how are these numbers terrible?
You realize most of the country is still in a housing bust and places here in Brownstone Brooklyn are still increasing 10, 15, 20% A YEAR!!!??
Zone 4 (Park Slope, Ditmas, Windsor Terrace, Kensington)
*Co-ops increased 27% in median price and 4% in average psf from last quarter.
*Co-ops increased 18% in median price and 2% in average psf from a year ago.
*Multi family townhouses increased in price 4% from a year ago.
So in Park Slope, where the huge majority of apartments (and transactions for that matter) are co-ops, prices increased 18% from a year ago. And here BHO is still rattling on.
I think these numbers are terrible. I think the townhouse numbers must reflect a very low volume which aint’ good either. But as others have said, they are nearly useless.
Sitting pretty. Gotten me vulture position. Shelled out only 1/20x what you paid to “own”.
***Bid half off peak comps***
Been sitting on your hands since 1998-2001 and still are, BHO!!!!!!
Look where that’s gotten you!!!! How much have you shelled out in rent since then??????